Moody’s Investors Service said in a report issued Monday that the proposed changes could send money “in one pocket, out the other.”

The company said that rather than invigorate the market by adding new investment, allowing smaller casinos with as few as 200 hotel rooms would cannibalize existing properties like the Borgata, Harrah’s and the Trump casinos.

Moody’s said Internet and sports betting would likely set off “a casino arms race” with Pennsylvania, New York and Maryland, which would likely offer it as well.

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